As a kid my grandfathers basement shop had pegboard everywhere, tools all over and I never remember hooks being a pain like they are today. I am not a fan, but I have some around. My favorite is the metal panels, I have some from Lyon, intended for the ends of metal shelving, and some traditional.
I use it for things that either are: too bulky for drawers (hacksaws, Japanese saws, pipe wrenches), easily lost (new tubes of epoxy, glues, small parts), or really really frequently used (small selection of hammers, adjustable wrench, basic screwdrivers). I also add the hf magnetic bar, tape holders, and other gadgets as needed to make the space as workable as I could.
In my past life as a HS shop teacher I totally believed in tool panels. I often built new ones with 3/4 ply, real screw in hooks from reputable sources, and shop made cradles and brackets. These were made for hand tools, and power tools, and often built into a large cabinet. With multiple people, or an industrial application have stuff that gets used out makes a ton of sense. At home, drawers rule for dense storage, but it’s still nice to have a screwdriver rack out to grab one rather and put back.